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TRY Assets Weather EUR/USD Storm Better Than ZAR & RUB

EMERGING MARKETS
CEEMEA FX
ZAR & RUB feeling the brunt of the sell-off in EUR/USD, while TRY seems less vulnerable - still trading on idiosyncratic factors with a short-term double bottom formed today at 7.8330.
  • SA: 15.00 remains intact in USD/ZAR with little action in local rates to write home about.
  • 15.10-15.1560 short-term resistance zone.
  • Turkey: Interestingly, USD rates seeing some demand in the belly, despite overt aggression from Erdogan.
  • Selling into the rallies still prevalent. Short-term resistance on USD/TRY at 7.8758 - 7.8950. {
  • Russia: Weakness in Brent aiding the pullback higher in USD/RUB. 73.41-73.50 zone should act as short-term resistance
  • most will be looking to sell into rallies here too.
MNI London Bureau | +44 020-3983-7894 | murray.nichol@marketnews.com
MNI London Bureau | +44 020-3983-7894 | murray.nichol@marketnews.com

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